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IVRS and Phone Banking

IVRS applications in Banks are known as Phone Banking. Every modern bank now a days uses IVRS as phone banking. Phone Banking on IVRS help bank provide the following services to its customers:-

1. It serves customer with routine checking of balance.
2. It can give status of issued check as well as make stop payment to checks as per check number.
3. It can place request for issuing new checkbook, demand draft.
4. Voice Recognition as well as DTMF pin authorization can be used for verifcation of caller apart from registered phone or mobile phone for phone banking operation for enhanced security.
5. Outbound IVR can alert customers of high value check clearance, withdrawal as well as authorization to prevent fraud.
6. Customer will be able to request Cash Delivery to home.
7. Customer can place request for address change.
8. Customer can request for transferring to his other same bank account like DEMAT account which now every bank has.
9. Customer can alerted of low balance with outbound IVRS.

Benefit of banks:
1. It will serve its customers better, also it will help bank build customer profile.
2. It will decrease customer footfalls in banks premises which is essential now a days with security concerns.
3. It will reduce cost of operation for banks.

Benefits to Customer
1. Customer can bank from home, office without needing to travel to bank.
2. Customer gets alerted for every banking transaction.
3. Customer can feel more secure about his/her banking transactions.
4. Customer can bank even when he does not have internet access.

Typical call flow of Phone banking IVR application

1. Customer Calls and greeted.
2. Ask customer account number and authorisation code.
3. Ask for voice verification.
4. Menu for Banking Operations.
5. Option to speak to customer care or bank executive.
6. Press Banking menu key.
7. Press required digits.
8. Confirm Action.
9. Repeat #4 through #8.

Hardware and Software:
For a large bank, it should use Digital CTI card. Customised software is better option for banks and it will need to integrate with existing Banking Software. Many banking software should support IVR operations.

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{ 3 comments… add one }
  • Shailender March 13, 2009, 2:58 am

    Informative post. Thank you.

  • Sunil Albuquerque July 22, 2010, 12:49 pm

    Hi Uttam,

    Any idea what IVR frameworks are in use in the banking vertical in India?

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